Ski Resort KPIs.

Ski Resort is a recreation property type in ILORA's commercial real estate taxonomy. Mountain resort. Skier visits, snow days, and pass-revenue penetration. Performance under recreation sector conventions is measured against canonical KPIs including Slip Occupancy, Rounds Per Year, Skier Visits, NOI, Cap Rate, F&B Mix, Members, Revenue Per Round. Public REIT comparables for benchmarking include SUI (Sun Communities - Marina Holdings), MTN (Vail Resorts - ski), MSGE (entertainment venues), LYV (Live Nation - amphitheaters). Regulatory frameworks specific to this property type include US Army Corps of Engineers permits, USFS ski-area concession, EPA + NPDES, state hunting/fishing regulations, ANSI ski-lift standards, music licensing. Industry organizations driving standards + research include AMI (Association of Marina Industries), NSAA (National Ski Areas Association), NGCOA (golf course owners), PGA of America. Operating tools commonly used: Molo (marina management), ClubProphet (golf), RTP|ONE (ski resort), MindBody (fitness). Ilora.ai ingests sector-standard documents and benchmarks against SEC EDGAR REIT filings, surfacing where the asset under-performs comparable institutional positions and revealing the largest improvement opportunity.

12 definitions · Sector: RECREATION · Used by Ilora.ai specialist AI agents

NOI

Net Operating Income

Total revenue minus operating expenses (excludes financing and capital costs). The primary measure of property-level profitability.

NOI = Revenue − Operating Expenses

  • profitability
  • core
Cap Rate

Capitalization Rate

Net Operating Income divided by current property value. Expresses unleveraged annual yield as a percentage.

Cap Rate = NOI ÷ Property Value

  • valuation
  • core
DSCR

Debt Service Coverage Ratio

Net Operating Income divided by total annual debt service. Lender-required cushion measure; below 1.0 means NOI cannot cover debt.

DSCR = NOI ÷ Annual Debt Service

  • lending
  • risk
LTV

Loan-to-Value

Loan amount divided by property value. Lower LTV = lower lender risk.

LTV = Loan Amount ÷ Property Value

  • lending
  • risk
OER

Operating Expense Ratio

Operating expenses divided by gross revenue. Lower is better, but varies by property type (hotels run higher than triple-net retail).

OER = Operating Expenses ÷ Gross Revenue

  • efficiency
GRM

Gross Rent Multiplier

Property value divided by gross annual rental income. Quick valuation shortcut; less precise than cap rate.

GRM = Property Value ÷ Gross Annual Rent

  • valuation
  • shortcut
IRR

Internal Rate of Return

Annualized return on investment accounting for time value of money across the full hold period.
  • return
  • underwriting
CoC

Cash-on-Cash Return

Pre-tax annual cash flow divided by total cash invested. Measures the cash yield, not total return.

CoC = Annual Cash Flow ÷ Total Cash Invested

  • return
DCF

Discounted Cash Flow

Valuation method that projects future cash flows and discounts them to present value at a chosen rate.
  • valuation
  • underwriting
TTM

Trailing Twelve Months

A rolling sum of the most recent 12 months. Smooths seasonality for KPI comparisons.
  • period
  • core
Rounds

Rounds Per Year

Total golf rounds played in a year. The fundamental demand measure for golf courses.
  • demand
  • golf
Slip Occ

Slip Occupancy

Percentage of marina slips occupied. Marina equivalent of hotel occupancy.
  • demand
  • marina

Industry reference

How the ski resort sector operates.

Comparable public REITs / operators

  • SUI (Sun Communities - Marina Holdings)
  • MTN (Vail Resorts - ski)
  • MSGE (entertainment venues)
  • LYV (Live Nation - amphitheaters)

Frequently asked

Common questions about ski resort.

What is Ski Resort real estate and how is it analyzed?
Ski Resort is a recreation property type. Mountain resort. Skier visits, snow days, and pass-revenue penetration. Performance is measured under sector conventions including Slip Occupancy, Rounds Per Year, Skier Visits, NOI, Cap Rate, F&B Mix, Members, Revenue Per Round. Public REIT comparables: SUI (Sun Communities - Marina Holdings), MTN (Vail Resorts - ski), MSGE (entertainment venues), LYV (Live Nation - amphitheaters). Ilora.ai ingests sector-standard documents (rent rolls, lease abstracts, P&Ls, operating reports) and benchmarks against SEC EDGAR REIT filings, surfacing under-performance vs comparable institutional assets.